UBS Cuts Price Target Ahead of Quanta Services (PWR) 3Q Results

UBS maintained a Buy rating on Quanta Services (NYSE: PWR), and cut the price target to $23.00 (from $28.00), following the company's pre-announced 3Q results. PWR is now expecting unadjusted EPS of $0.22-$0.24, vs. prior guidance of $0.34-$0.40. PWR is scheduled to report 3Q earnings on 11/05/2015.

Analyst Steven Fisher commented, "Last Friday, PWR pre-announced a Q3 earnings disappointment, now expecting unadjusted EPS of $0.22-$0.24, vs. prior guidance of $0.34-$0.40. Quanta did not provide an update of the adjusted guidance it typically gives (was $0.40-$0.46 for Q3; consensus $0.45), but presumably the $0.10-$0.18 reduction in range in the reported guidance ($0.14 mid point) applies to the adjusted results as well. Quanta also indicated that Q4 revenues would likely be $200m below its prior estimate (we calculate the prior estimate was ~$1.8-$2.0b) due to competition and delays."

For an analyst ratings summary and ratings history on Quanta Services click here. For more ratings news on Quanta Services click here.

Shares of Quanta Services closed at $19.31 yesterday.

You May Also Be Interested In

• Citi Upgrades United Microelectronics Corp (2303:TT) (UMC) to Buy 'with limited downside'
• JPMorgan on Tesla (TSLA): 'See Risk of Further Negative Earnings Revisions'
• Park National (PRK) PT Raised to $130 at Keefe, Bruyette & Woods